Xia Liu - Oct 1, 2025 Form 4 Insider Report for BADGER METER INC (BMI)

Role
Director
Signature
/s/ William R.A. Bergum, Attorney-in-Fact for Xia Liu
Stock symbol
BMI
Transactions as of
Oct 1, 2025
Transactions value $
$16,001
Form type
4
Date filed
10/2/2025, 05:00 PM
Previous filing
Jul 2, 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Liu Xia Director 4545 W. BROWN DEER ROAD, MILWAUKEE /s/ William R.A. Bergum, Attorney-in-Fact for Xia Liu 2025-10-01 0001644492

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction BMI Phantom Stock Units Award $16K +89.6 +2.89% $178.54 3.19K Oct 1, 2025 BMI Common Stock 89.6 Direct F1, F2
transaction BMI Phantom Stock Units Other +18.2 +0.57% 3.21K Oct 1, 2025 BMI Common Stock 18.2 Direct F1, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each share of phantom stock is the economic equivalent of one share of common stock. The shares of phantom stock become payable in cash upon the reporting person's termination of service as a director.
F2 The phantom stock units were accrued in Ms. Liu's Badger Meter, Inc. Director Deferred Compensation Plan account as payment for her 2025 Quarter 4 retainer paid to non-employee directors in the amount of $16,000. The phantom stock units were computed at $178.54, the 9/30/25 closing price of the Company's common stock as required by the plan.
F3 Includes phantom stock units acquired through routine dividend equivalent payments on previously granted phantom stock units, which acquisitions are exempt under Rule 16a-11.